- Report: #241855
Complaint Review: Ameriquest, Argent Mortgage
| Ameriquest, Argent Mortgage amc.com
Orange, California U.S.A. |
|
Ameriquest, Argent Mortgage predatory lending practices caused foreclosure proceedings in just 3 months Orange California
*Author of original report: fraud
*Consumer Suggestion: Just a head's up!
*Author of original report: who's fault is it?
*Consumer Comment: What ARE the borrower's responsibilities?
*Consumer Comment: What ARE the borrower's responsibilities?
*Consumer Comment: What ARE the borrower's responsibilities?
*Consumer Comment: What ARE the borrower's responsibilities?
*Author of original report: loan terms
*Author of original report: loan terms
*Author of original report: loan terms
*Author of original report: Fenwick & West
*Consumer Comment: Fraud
*Consumer Suggestion: Ameriquest Proposed Class Action Settlement has been Challenged by a Bay Area Activist Law Firm
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I was into foreclosure just 3 months into the beginning of the loan and was put into forbearance several times during my stay sometimes paying $1700/mo, until I could do it no more.
I heard bout the class action lawsuit just 3 months before being put out of the home because not only was I behind the first two years, from outrageous payments, but my 2 year arm ran out and my interest went up to almost 12 %.
I dont know how to get on the "list" of plantiffs to try and get some kind of restitution. I have sent everything to the Mo. Attorney General Jay Nixon, and have sent 3 emails trying to get an answer.
If anyone can help steer me into the right direction please leave a comment of some kind. I have sent changes of address as well as multiple email addresses and phone numbers and still no response. Is there going to be a statute of limitations on my right to sue with another attorney?? Or am I included in the restitution agreement and just dont know it yet?
Delores
walnut grove, Missouri
U.S.A.
This report was posted on Ripoff Report on 04/01/2007 07:08 PM and is a permanent record located here: http://www.ripoffreport.com/r/Ameriquest-Argent-Mortgage/Orange-California/Ameriquest-Argent-Mortgage-predatory-lending-practices-caused-foreclosure-proceedings-in-241855. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search TipsI am in no way defending Ameriquest but you are also committing fraud by signing loan documents that contain false information. What means did you have to pay for this mortgage you were taking out to buy the house? You had to know you were required to make the loan payment when you did this transaction so if there was no income coming in how were you going to pay for it?
Before I get bashed for asking these questions, I am just trying to point some things out to the consumer.
#3 Author of original report
who's fault is it?
AUTHOR: Delores - (U.S.A.)
SUBMITTED: Tuesday, May 22, 2007
intelligent for not understanding any terms before I signed the contract. The reason I have a hard time explaining what the problems were, is because there is only so much room to write or time to give a brief description of what happened over the last 4 years,(7if you count the fact that I was in an owner finance previously)I end up not explaining it correctly.That's why it was easier for me to just send the copies to the attorney generals office here in missouri.
I know I am not the only person who has not been given any reply, and I realize that this is a past issue. I suppose it all comes down to what each borrower is hoping to get out of the complaint. I may not recieve any of the 20K I put into the house and lost but maybe I can keep someone else from making the same mistake. I was at least hoping to have some kind of recognition and resolution concerning my credit report. It will be a long time before I ever take a chance and buy another home, and when I do, I will surely know what I am signing and not be pressured into it and beleive all of their promises. Also, I do believe that part of the complaint is that they search out people who cant pay their bills, have bad credit and collections, and are minorities.
#4 Consumer Comment
What ARE the borrower's responsibilities?
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
This troubles me:
"I am having problems explaining how my loan with argent/ameriquest came about. "
Why sign an agreement if you are confused about the terms, process, or practices that created it?
"I was not the original owner of the home, but the loan was on paper as a refinance, and the remaining cash was given to the seller instead of to me the borrower."
OK- the 'refinance' part sounds at least really hoaky if not simply illegal, but the buyer SHOULD have appreciated this basic reality.
It would SEEM that the 'remaining cash' (equity ?) SHOULD go to the seller.... UNLESS the payment of that 'remaining cash' to the seller effectively increased the OP's purchase price- which may be illegal. We don't know if the purchase price was effectively increased. Does the OP?
"How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, ..."
I am not sure that Argent/ Ameriquest are the only ones to blame here- that tired old refrain always recurs- do not sign ANYTHING you do not understand.
30-year fixed rate mortgages and 15-year fixed rate mortgages are straightforward but one should still understand them before proceeding.
So who is at fault here?
The slimey lender and/or a seller who probably understood the buyer's weaknesses and simply wanted to unload the property onto anyone, the buyer OR the bank?
The borrower, who may be looking for a miracle at any cost?
I say both.
But the lender has the deep pockets to sue, so we can guess how the lawsuits will go.
#5 Consumer Comment
What ARE the borrower's responsibilities?
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
This troubles me:
"I am having problems explaining how my loan with argent/ameriquest came about. "
Why sign an agreement if you are confused about the terms, process, or practices that created it?
"I was not the original owner of the home, but the loan was on paper as a refinance, and the remaining cash was given to the seller instead of to me the borrower."
OK- the 'refinance' part sounds at least really hoaky if not simply illegal, but the buyer SHOULD have appreciated this basic reality.
It would SEEM that the 'remaining cash' (equity ?) SHOULD go to the seller.... UNLESS the payment of that 'remaining cash' to the seller effectively increased the OP's purchase price- which may be illegal. We don't know if the purchase price was effectively increased. Does the OP?
"How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, ..."
I am not sure that Argent/ Ameriquest are the only ones to blame here- that tired old refrain always recurs- do not sign ANYTHING you do not understand.
30-year fixed rate mortgages and 15-year fixed rate mortgages are straightforward but one should still understand them before proceeding.
So who is at fault here?
The slimey lender and/or a seller who probably understood the buyer's weaknesses and simply wanted to unload the property onto anyone, the buyer OR the bank?
The borrower, who may be looking for a miracle at any cost?
I say both.
But the lender has the deep pockets to sue, so we can guess how the lawsuits will go.
#6 Consumer Comment
What ARE the borrower's responsibilities?
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
This troubles me:
"I am having problems explaining how my loan with argent/ameriquest came about. "
Why sign an agreement if you are confused about the terms, process, or practices that created it?
"I was not the original owner of the home, but the loan was on paper as a refinance, and the remaining cash was given to the seller instead of to me the borrower."
OK- the 'refinance' part sounds at least really hoaky if not simply illegal, but the buyer SHOULD have appreciated this basic reality.
It would SEEM that the 'remaining cash' (equity ?) SHOULD go to the seller.... UNLESS the payment of that 'remaining cash' to the seller effectively increased the OP's purchase price- which may be illegal. We don't know if the purchase price was effectively increased. Does the OP?
"How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, ..."
I am not sure that Argent/ Ameriquest are the only ones to blame here- that tired old refrain always recurs- do not sign ANYTHING you do not understand.
30-year fixed rate mortgages and 15-year fixed rate mortgages are straightforward but one should still understand them before proceeding.
So who is at fault here?
The slimey lender and/or a seller who probably understood the buyer's weaknesses and simply wanted to unload the property onto anyone, the buyer OR the bank?
The borrower, who may be looking for a miracle at any cost?
I say both.
But the lender has the deep pockets to sue, so we can guess how the lawsuits will go.
#7 Consumer Comment
What ARE the borrower's responsibilities?
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
This troubles me:
"I am having problems explaining how my loan with argent/ameriquest came about. "
Why sign an agreement if you are confused about the terms, process, or practices that created it?
"I was not the original owner of the home, but the loan was on paper as a refinance, and the remaining cash was given to the seller instead of to me the borrower."
OK- the 'refinance' part sounds at least really hoaky if not simply illegal, but the buyer SHOULD have appreciated this basic reality.
It would SEEM that the 'remaining cash' (equity ?) SHOULD go to the seller.... UNLESS the payment of that 'remaining cash' to the seller effectively increased the OP's purchase price- which may be illegal. We don't know if the purchase price was effectively increased. Does the OP?
"How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, ..."
I am not sure that Argent/ Ameriquest are the only ones to blame here- that tired old refrain always recurs- do not sign ANYTHING you do not understand.
30-year fixed rate mortgages and 15-year fixed rate mortgages are straightforward but one should still understand them before proceeding.
So who is at fault here?
The slimey lender and/or a seller who probably understood the buyer's weaknesses and simply wanted to unload the property onto anyone, the buyer OR the bank?
The borrower, who may be looking for a miracle at any cost?
I say both.
But the lender has the deep pockets to sue, so we can guess how the lawsuits will go.
#8 Author of original report
loan terms
AUTHOR: Delores - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, and now I fear that it may keep me from adequately explaining my case. I dont have an attorney to look at these loan documents and give me answers and attorney generals office here in Missouri offers no response.
#9 Author of original report
loan terms
AUTHOR: Delores - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, and now I fear that it may keep me from adequately explaining my case. I dont have an attorney to look at these loan documents and give me answers and attorney generals office here in Missouri offers no response.
#10 Author of original report
loan terms
AUTHOR: Delores - (U.S.A.)
SUBMITTED: Wednesday, May 16, 2007
How do I explain terms of my loan to an attorney , if I dont understand them? This is how Argent/ Ameriquest took advantage of me in the first place, and now I fear that it may keep me from adequately explaining my case. I dont have an attorney to look at these loan documents and give me answers and attorney generals office here in Missouri offers no response.
#11 Author of original report
Fenwick & West
AUTHOR: Delores - (U.S.A.)
SUBMITTED: Thursday, May 10, 2007
#13 Consumer Suggestion
Ameriquest Proposed Class Action Settlement has been Challenged by a Bay Area Activist Law Firm
AUTHOR: Dan - (U.S.A.)
SUBMITTED: Wednesday, April 18, 2007
Read the articles that come up and contact Fenwick & West, and you may still be able to get some satisfaction.
You should also contact [1] the Federal Trade Commission, [2] California's Banking Commission (or whatever they call it there, i.e., the agency that regulates banks in CA), and [3] the California Attorney General's Office. One or more of those may have current information on the class action and/or other information about Ameriquest that will be helpful to you.
Best wishes for a just outcome.
Dan and Marjie in VA

